You can close a Bank of America savings account in person, by phone, or online, depending on your account type and what you need to do first
Bank of America lets you close a savings account through three routes: visiting a branch in person, calling customer service, or using online banking if your account is may be able to access. The fastest method is usually in person, because a banker can confirm your balance, handle any remaining funds, and close the account on the spot. Phone and online closures take longer because Bank of America has to verify your identity through additional steps.
Before you close, you need to know your current balance and decide what to do with any money in the account. Bank of America will not close an account with a negative balance — you have to bring it to zero or positive first. If you have pending transactions or scheduled transfers, those may delay the closure by a few days.
Key Takeaways
- Closing in person at a Bank of America branch is the fastest method and takes about 15 minutes if you have your ID and know your account balance.
- You must bring your account balance to zero or positive before closure; Bank of America will not close accounts that are overdrawn.
- If you close online or by phone, Bank of America will mail any remaining balance to your address on file, which takes 7 to 10 business days after closure.
- Pending transactions and automatic transfers can delay closure, so cancel or complete them before you request to close.
- You do not need a reason to close, and there is no fee for closing a savings account at Bank of America.
Closing your account in person at a branch
Walk into any Bank of America branch with a valid government-issued ID — a driver's license, passport, or state ID card. Bring your debit card or account number if you have it, though the banker can look up your account using your ID alone. Tell the banker you want to close your savings account.
The banker will pull up your account, show you the current balance, and ask how you want to handle the money. You can transfer it to another Bank of America account you own, receive a cashier's check on the spot, or have it deposited into an external bank account if you provide the routing and account number. If your balance is zero, the account closes when ready. If there is money in it, the banker processes the transfer or check and closes the account right away.
Bring any pending transactions to zero before you go. If you have automatic bill payments or transfers set up on that account, cancel them first through online banking or by calling 1-800-432-1000. Bank of America will not close an account with active scheduled transfers.
Closing your account by phone
Call Bank of America customer service at 1-800-432-1000 and tell them you want to close your savings account. They will verify your identity by asking for your Social Security number, date of birth, and answers to security questions based on your account history. This verification step takes 5 to 10 minutes.
Once verified, the representative will confirm your balance and ask what you want to do with any remaining money. You cannot receive a check by phone, so your options are a transfer to another Bank of America account you own or a deposit to an external bank account. Provide the routing number and account number for the external account if that is your choice. Bank of America will mail a check to your address on file if you do not choose a transfer option, but this takes 7 to 10 business days after the account closes.
The phone closure itself takes about 20 minutes total. The account closes within one business day, and any transfer to another Bank of America account posts the same day. Transfers to external banks take 3 to 5 business days.
Closing your account online through Bank of America digital banking
Log into your Bank of America online account or mobile app. Go to the account settings or account management section — the exact location varies depending on whether you use the website or app, but it is usually under "Account Services" or "Manage Accounts." Select your savings account and look for a "Close Account" or "Account Options" link.
Bank of America's online closure tool is not available for all account types. If you do not see a close option, you will have to use phone or branch closure instead. If the option appears, click it and follow the prompts. You will be asked to confirm your balance and choose what to do with remaining funds. You can transfer to another Bank of America account or request a check by mail.
Online closure takes about 10 minutes to complete, but the account does not close when ready. Bank of America processes the request within one business day. If you requested a check, it arrives in 7 to 10 business days. Transfers to other Bank of America accounts post the same day.
What happens to your money when you close
Your balance does not disappear. You control where it goes. If you transfer it to another Bank of America account you own, it posts the same day. If you transfer it to an external bank account, it takes 3 to 5 business days using the ACH system. If you request a check by mail, Bank of America sends it to the address on file within 7 to 10 business days after closure.
If you close the account and do not specify where the money goes, Bank of America will mail a check to your address on file. This is the slowest option, so choose a transfer method when you close if you need the money sooner.
Canceling automatic payments and transfers before closure
Bank of America will not close an account that has pending transactions or scheduled transfers. Before you request closure, log into online banking and cancel any automatic bill payments, recurring transfers, or scheduled deposits linked to that savings account.
Go to "Bill Pay" or "Transfers" in your online account, find any payments or transfers set to that savings account, and delete them. Wait one business day to confirm they are cancelled, then request the account closure. If you forget to cancel them, Bank of America will reject your closure request and you will have to cancel them and try again.
After your account closes
Once closed, you cannot use the account. Any debit card linked to that account stops working. If you set up direct deposits to that account, they will be rejected after closure, so update your employer or benefit provider with a new account number before you close.
Bank of America keeps records of closed accounts for your file. You can request a statement or transaction history for a closed account by calling 1-800-432-1000 or visiting a branch, though you may be charged a fee if you request statements older than seven years.
Frequently Asked Questions
Can I reopen a Bank of America savings account after I close it?
Yes. You can open a new savings account at any time by visiting a branch, calling 1-800-432-1000, or using online banking. There is no waiting period. The new account will have a different account number, so treat it as a separate account.
What if my savings account has a negative balance?
You cannot close it until the balance is zero or positive. Deposit money to bring it to zero, then request closure. If you do not have the funds, contact Bank of America to discuss payment options or fee waivers.
Do I lose my transaction history when I close the account?
No. Bank of America keeps records of closed accounts. You can request statements or transaction history by phone or in person, though fees may explore for statements older than seven years.
How long does it take to close a Bank of America savings account?
In person: 15 minutes. By phone: 20 minutes to request, one business day to process. Online: 10 minutes to request, one business day to process. Transfers to external accounts take an additional 3 to 5 business days.
Will I be charged a fee to close my savings account?
No. Bank of America does not charge a fee to close a savings account. Some accounts may have early closure fees if closed within a certain period, but standard savings accounts do not.